February 14th we received an application for $1,000,000 of Permanent coverage for a 58 year old. The Target premium was around $24,000. Not a bad case.
It took a while to get the client to complete his callback and then his doctor’s office added to the delays by holding his APS for about a month. The doctor finally sent them over and with everything submitted, we waited.
Two days later, DECLINED!
An EKG that came with the nearly 150 page APS had major concerns for the carrier and they wanted to see a new EKG. In addition, the client never completed a prostate exam that had been suggested by his doctor.
Charles shops the case to several carriers. One comes back Table 3 and that immediately prompts the original carrier to reconsider to a Table 4 – which is in the same ballpark of competitiveness as the newcomer.
We work with the advisor and he gets the client to agree to nearly the premium.
A day before the advisor is going to get signatures we get a third carrier that jumps into the fray. Their offer, “best case Non-Smoker Plus, worst case Table 2”. This was April 3rd.
April 4th the advisor gets the application signed for carrier number three with the assumption that Table 2 will stand. The case is submitted to the carrier, by us, April 5th.
Last Friday, one week after submittal, we get the policy issued at Standard Plus! The advisor went back to the client and said, “You have been declined at one carrier, we believe this is not only the best offer you will get, but you will likely not be able to get additional insurance in the future. Let’s get as much now as possible.”
The client agreed and took $1,750,000 which put the Target premium around $51,o00.
The advisor got the placement paperwork signed over the weekend and submitted them to our office today.
And that is how Charles helped to get a client from Declined to Standard Plus in under two weeks!